Logbooks and single line item entries are a thing of the past. Automation and artificial intelligence are the future of accounting. For the vast majority of businesses, logging individual sales and printing receipts is an automated process.
Have you ever considered automating accounts payable to benefit your business? Here are 7 ways AP automation creates efficiencies.
1. Save time
If you’re able to automate your accounts payable department, what you owe others is paid on a preset schedule. That means you don’t have to allocate hours of time to manually write checks and collate data. Working out cash flow (AP/AR) is faster each month, vendors appreciate timely payments, and you can focus on bottlenecks.
2. Improve Team Communication
What used to require booked meetings to pore over figures with your coworkers becomes as simple as clicking a share button. This creates a more cohesive and enjoyable working environment for your colleagues, particularly those in charge of finances. This type of future-forward business automation helps your team work better as a unit.
3. Improve Accuracy
Machines don’t make errors like human operatives. An automated system recognizes inconsistencies and red flags issues to all who need to know instantly. Catching mistakes saves your company time that would’ve been spent backtracking. Accuracy is built into an automated system.
4. Improve Supplier and Customer Relationships
Automating payment processes improves customer satisfaction. Money owed is paid on time with minimal effort at both ends. Timely payments build stronger relationships with suppliers and customers. So not only does AP automation streamline your business process, it also creates a long-term positive company identity in the eyes of your sector and your target demographics.
5. Competitive Advantage
This improved standing in the eyes of others can then be channeled into a competitive advantage for your company: double down on advertising, lead generation, or employee happiness. Focus on optimizing other areas of your business process. It means your business will be more desirable for suppliers and customers to work with or purchase from in the future.
6. Optimize Business Practices
Manual processes are hard to track. By automating accounts payable, you can visibly track the entire process easily and efficiently. This means you can accurately make future projections or, crucially, see what needs to change in your business model.
7. Save Money
Fewer errors save time. Saving time saves money. You can save employee time, which is money in itself, but also money that would’ve been lost through errors. You also save money from relationships that could have broken down due to accounting errors. Not to mention that a paperless solution eliminates printing costs—saving your pocket and the environment.
How do you automate your Accounts Payable?
If you’re looking to begin automating accounts payable in your business, AMI can help.
We offer thorough automated software solutions to practical business problems. This includes our elaborate automated accounts payable service. It also includes data capture solutions that can automate manual tasks.
If you’re interested in finding out more about our automated accounts payable solution, or how AMI can transform your business in other ways, please ensure you contact us directly.